227 29th St · Oakland, CA 94611

$649,000

4 bd · 3.0 ba · 1,862 sqft · MultiFamily public records · 11 Days on market

Built 1906 5,175 sqft lot $349/sqft · 31% below area Est $920k · 29% under

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +15.0/15.0
• Cash flow +10.5/30.0
• Livability +3.6/5.0
• Rent growth +3.5/5.0
• 1% rule +3.3/10.0
• DSCR +3.0/10.0
• Schools +3.0/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Charming Craftsman duplex in Adams Point with a brand-new foundation and endless potential with a lot of TLC needed!! Both units offer the possibility to be configured as spacious 2-bedroom, 2-bath residences—ideal for investors or owner-occupants. Featuring classic character, plenty of off-street parking, and an expansive backyard with room to entertain, garden, or expand. Conveniently located near Lake Merritt, Piedmont Avenue, Lakeshore Avenue, Downtown Oakland, and with easy access to Interstate 580, this property offers the perfect blend of charm, flexibility, and location.

Key facts

• New foundation
• Near piedmont avenue
• Expansive backyard

Tags

• NEW FOUNDATION
• OFF-STREET PARKING
• EXPANSIVE BACKYARD
• NEAR LAKE MERRITT
• NEAR PIEDMONT AVENUE
• NEAR LAKESHORE AVENUE

Property features AI

Finance

• Other: Approximate living area 1,814 square feet; Lot approximately 0.12 acres (about 5,175 sq ft)

Exterior

• Parking: Off-street parking; Total of 4 parking spaces
• Utilities: Public water; Public sewer
• Home design: Residential income property (duplex); Built in 1906
• Construction: Wood siding construction
• Exterior features: Back yard

Interior

• Heating & cooling: Has heating; No air conditioning
• Interior features: Unfinished basement with storage space; Two-unit building (duplex)

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/2-bath units multifamily listed at $649k.

Deal economics

• At list price, monthly cash flow is $-333 ($-4k/yr) — negative. Per door: $-166/mo.
• To cash-flow at today's rent, offer at most $590k (9.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $541k (16.6% below list).
• Recommended offer: $541k (16.6% below list) — sets the bar for 1% rule.
• Cap rate 5.7% vs local median 2.5% in Oakland — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 71/100 on livability (#224 in CA) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: crime F, cost of living F.
• Oakland Unified (urban): math 27% / reading 33% proficiency, ranked #1,007 of 1,400 in CA (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Lincoln Elementary (705 students, 77% FRL); Westlake Middle (314 students, 87% FRL); Oakland Technical High (1,796 students, 57% FRL).
• Market conditions: Rents rising (+3.9%/yr); 193 active listings in the ZIP; 34 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 1,742 units permitted in Alameda County in 2024 (856 in 5+ unit buildings).
• This rent runs 36% of the median local income ($181k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $19k of value loss. Plan a longer hold.
• Alameda County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $470k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1906 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $541,300 (16.6% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1906 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.83% ✗
• Cap rate: 5.68%
• Cash-on-cash: -2.20%
• DSCR: 0.90
• GRM: 10.0

CMA / ARV

• ARV (median comp): $920,077
• List price: $649,000
• Delta: -29.46%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3115 Harrison St	0.17mi	4/3.0	1,980 (+6%)	16mo	$925,000	$467	68
2834 Summit St	0.28mi	4/3.0	2,070 (+11%)	3mo	$815,000	$394	66
2338 Waverly St	0.33mi	3/2.0 (-1)	1,654 (-11%)	1mo	$485,000	$293	56
3252 Kempton Ave	0.22mi	3/3.0 (-1)	2,007 (+8%)	24mo	$1,080,000	$538	52
601 32nd St	0.67mi	4/2.0	1,784 (-4%)	9mo	$585,000	$328	50
3781 Manila Ave	0.65mi	3/2.0 (-1)	2,038 (+10%)	1mo	$1,225,000	$601	44

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.94% rent growth · sell at horizon

5-year hold

• IRR: -18.8%
• Equity multiple: 0.33×
• Total profit: $-121,041
• Equity at exit: $96,768

10-year hold

• IRR: -9.5%
• Equity multiple: 0.39×
• Total profit: $-110,445
• Equity at exit: $56,114

Cash invested: $181,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City Oakland: 0 Strongly Tenant-Friendly · D+62

Rent Adjustment Program + Just Cause.

Methodology + full state rankings →

ZIP-level market 94611

• Rents YoY: 3.9%
• Active inventory: 193
• Price-to-rent: 20.0×

Monthly cashflow live

• Estimated rent: $5,413 high
• Mortgage (P&I): −$3,403
• Tax from tax record: −$935 /mo · $11,224/yr
• Insurance: −$270
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,137
• Net cashflow: $-333

Break-even live

Break-even rent $5,834

Max offer price $590,197

Occupancy floor —

Sensitivity live

Price	-10% $35	-5% $-149	+0% $-333	+5% $-517	+10% $-700
Rent	-10% $-760	-5% $-547	+0% $-333	+5% $-119	+10% $95
Rate	-1.0pp $-6	-0.5pp $-168	base $-333	+0.5pp $-501	+1.0pp $-672

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$5,414
Total (2 units)			$5,413

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $162,250
• Closing costs: $19,470
• Reserves months: —
• Total cash needed: —

Rent comps 34 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3123 Harrison St Oakland, CA	3.0	2.0	1450	$3,800	$2.62	7d	1	0.22mi
3093 Broadway Oakland, CA	3.0	1.0–2.0	972	$4,210	$4.33	0d	30	0.32mi
2933 McClure St Oakland, CA	3.0	2.0	1440	$4,850	$3.37	4d	1	0.40mi
471 26th St Oakland, CA	1.0–3.0	1.0–3.0	967	$3,870	$4.00	1d	9	0.44mi
482 Jean St Oakland, CA	3.0	2.0	1595	$4,800	$3.01	26d	1	0.56mi
520 Van Buren Ave Oakland, CA	1.0–3.0	1.0–2.0	974	$3,795	$3.89	45d	9	0.60mi
3010 Martin Luther King Junior Way Oakland, CA	3.0	1.0	1700	$2,990	$1.76	45d	1	0.64mi
2016 Telegraph Ave Oakland, CA	3.0	1.0–3.0	1026	$6,749	$6.58	0d	7	0.66mi
1950 Broadway Oakland, CA	4.0	1.0–2.0	737	$6,907	$9.37	0d	53	0.69mi
668 21st St Oakland, CA	2.0–3.0	1.0–2.0	1112	$2,233	$2.01	45d	1	0.76mi
500 William St Oakland, CA	3.0	1.0–2.0	1108	$4,654	$4.20	0d	16	0.77mi
814 30th St Emeryville, CA	4.0	2.0	2015	$7,000	$3.47	4d	1	0.83mi
104 Olive Ave Piedmont, CA	3.0	2.0	1767	$5,500	$3.11	26d	1	0.83mi
527 Merritt Ave Oakland, CA	3.0	2.0	1530	$4,800	$3.14	3d	1	0.90mi
529 Merritt Ave Oakland, CA	3.0	2.0	1380	$4,500	$3.26	20d	1	0.90mi
896 31st St Oakland, CA	3.0	2.0	1400	$2,250	$1.61	45d	1	0.96mi
835 35th St Unit 1 Oakland, CA	3.0	2.0	1400	$2,950	$2.11	45d	1	0.96mi
460 Stow Ave Oakland, CA	4.0	2.5	2118	$4,900	$2.31	1d	1	1.00mi
889 34th St Unit 889 Oakland, CA	4.0	2.0	1300	$3,095	$2.38	45d	1	1.01mi
238 13th St Oakland, CA	3.0	1.0–2.0	1039	$4,380	$4.22	0d	13	1.02mi
1100 Webster St Oakland, CA	3.0	1.0–2.0	958	$5,000	$5.22	0d	9	1.11mi
621 Calmar Ave Oakland, CA	3.0	2.0	2024	$5,529	$2.73	45d	1	1.19mi
564 44th St Unit 1 Oakland, CA	4.0	2.0	1400	$3,250	$2.32	45d	1	1.19mi
1200 Lakeshore Ave Oakland, CA	1.0–3.0	1.5–2.5	1332	$10,245	$7.69	0d	11	1.20mi
1123 30th St Unit 1 Oakland, CA	3.0	2.5	2083	$4,895	$2.35	45d	1	1.23mi
1123 30th St Emeryville, CA	3.0	2.0	2083	$4,895	$2.35	45d	1	1.23mi
2712 Adeline St Unit B Oakland, CA	4.0	3.0	1500	$3,800	$2.53	17d	1	1.24mi
1015 Martin Luther King Junior Way Unit B2 Oakland, CA	4.0	2.0	1800	$1,000	$0.56	45d	1	1.28mi
1015 Martin Luther King Junior Way Oakland, CA	4.0	2.0	1800	$1,300	$0.72	45d	1	1.28mi
324 International Blvd Unit 324 Oakland, CA	3.0	1.5	1400	$3,500	$2.50	26d	1	1.34mi
324 International Blvd Unit 324 Oakland, CA	3.0	1.5	1400	$3,500	$2.50	1d	1	1.34mi
3900 Adeline St Oakland, CA	3.0	1.0–2.0	809	$3,530	$4.36	1d	7	1.37mi
2203 8th Ave Unit 2 Oakland, CA	4.0	2.0	1300	$3,100	$2.38	6d	1	1.46mi
3415 Haven St Emeryville, CA	3.0	2.5	1900	$4,200	$2.21	13d	1	1.47mi

Listing history 4 events

1. 2026-05-06
   status Pending 591-char remark
2. 2026-04-25
   listed $649,000 Active 591-char remark
3. 2022-12-21
   soldstatus $470,000
4. 1977-12-01
   soldstatus $46,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $11,224 · $935/mo
• Projected year-2 tax: $11,224 · $935/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥84°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 16 unhealthy d/yr today · 16 by 30 yrs out

Taxation est. · year 1

• Rental income: $64,956
• − Mortgage interest: −$36,354
• − Property taxes: −$11,224
• − Insurance: −$3,245
• − Repairs & maintenance: −$5,196
• − Management: −$5,196
• − Depreciation: −$18,880
• Taxable loss: −$15,140
• Est. tax savings @ 24.0%: +$3,634
• After-tax cash flow: $-361/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Oakland Unified
• NCES district ID: 0628050
• Math proficiency: 27% ▬ 0.00%
• Reading proficiency: 33% ▬ 0.00%
• Median HH income: $55,194
• Composite: 29.52/100
• National rank: #11769
• State rank: #1007 of 1400 in CA

Livability — Oakland

• Score: 71/100
• State rank: #224
• US rank: #7245

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment A+ Housing B Health & safety A+ User ratings C-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Oakland, CA
• County: Alameda County · 1,614,355 people
• City population: 385,993
• Metro: San Francisco-Oakland-Berkeley, CA
• Population (ZIP): 40,116
• Household income: $180,549
• Rent vs Own: 39.4% rent · 60.6% own
• Severe rent burden: 1668.0

Population outlook (Alameda County) Hauer SSP2

• Today (2025): 1,928,884 people
• By 2030: 2,069,146 · +7.3%
• By 2040: 2,338,405 · +21.2%
• By 2050: 2,586,608 · +34.1%
• By 2075: 3,061,911 · +58.7%
• By 2100: 3,234,133 · +67.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 59% Asian 17% Two or more races 12% Hispanic / Latino 7% Black 7%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 4% Romanian 3% Slovak 3%
• Foreign-born: 17% · China, Canada, South Korea
• Languages at home: 80% English-only · Chinese 5% Other Indo-European 4% Spanish 3%

Political lean MEDSL · Alameda

• 2024 margin: Solid D (+53.6) · D 74.6% · R 21.0% · Other 4.4%
• 2008→2024 swing: -5.9pp toward R · 2008: 59.5pp · 2024: 53.6pp
• All cycles: 2024: D+53.6 2020: D+62.5 2016: D+64.4 2012: D+59.8 2008: D+59.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -911.78%
• Current HPI: 247.5452
• Rent YoY: ▲ 3.94%
• Metro: San Francisco-Oakland-Berkeley, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

+921.7% since first listed

5 events — show timeline

• 2026-05-13 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-05-06 Pending — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-04-25 Listed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2022-12-21 Sold (Public Records) $470,000 Public Records
• 1977-12-01 Sold (Public Records) $46,000 Public Records

Property tax history

+7.5%/yr

Latest (2025): $11,224 · +4.0% YoY. Source: county tax records.